$95M sale of multi-housing community in southwest Chicago closes
JLL Capital Markets closed the sale of the 730-home Woodlands of Crest Hill in Crest Hill, Illinois
CHICAGO, Nov. 1, 2023 – JLL Capital Markets announced today that it has closed the $95 million sale of Woodlands of Crest Hill, a 730-home apartment community located in the southwest Chicago suburb of Crest Hill, Illinois. The Chicago multi-housing market continues to be a top performer in the country due to Chicago’s diversified economy (matching that of the country) and low cost-of-living, as well as its central location and demand drivers attracting educated talent and corporate investment.
Built in 1972, the property has undergone various renovations since 2018 with opportunities for future value-add upgrades. Woodlands of Crest Hill offers studio, one- and two-bedroom units, averaging 649 square feet and featuring updated finishes, vinyl plank flooring and ample storage. Community amenities include a resort-style pool, a sundeck, a modern clubroom and a fitness center.
Woodlands of Crest Hill is located at 1615 Arbor Ln. and sits within Will County, which features top-rated schools, Lewis University, 38 million square feet of industrial development and the largest inland container port in the U.S. The community is located off of Theodore Street and is adjacent to Plainfield Rd., the main thoroughfare of the southwest suburbs with top retail, grocery and dining. Residents also benefit from immediate access to the well-known I-55 job corridor, which boasts over 99 million square feet of industrial space. Additionally, the property is just 15 minutes to Joliet Mall, Promenade at Bolingbrook and Harrah’s Casino and is 33 miles from downtown Chicago.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Directors Kevin Girard and Mark Stern and Director Zach Kaufman.
“We were once again extraordinarily fortunate to be involved in another transaction that highlights continued interest in Chicago multi-housing opportunities,” said Girard. “The market is the hub of the Midwest and is as healthy as any in the country, with fundamentals and demand drivers that many buyers are attracted to. This includes great rent growth, strong rent-to-income ratios and very limited new supply in the development pipeline.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor with approximately 95 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring approximately $39 billion of real estate. The acquisitions include 93 million square feet of industrial, 65 million square feet of office, 87 million square feet of retail and 85,000 multifamily units. As of June 30, 2023, DRA has $13.6 billion in gross assets under management. http://draadvisors.com
About Marquette Companies
Headquartered in Naperville, Illinois, Marquette Companies is a multifamily development company and investment leader with a 40-year track record of success in markets across the country. The firm's vertically integrated approach, featuring in-house capabilities in acquisition, construction, asset management, property management, and construction management, enables its team to oversee all aspects of investments and has firmly established the company as a leading player in the multifamily investment space. Marquette Companies remains dedicated to its vision of being the top choice for living, working, and investing by consistently providing exceptional living spaces and unparalleled customer service. The company currently manages a portfolio of over 15,000 units and holds $2.3 billion in assets under ownership. For more information, visit www.marquettecompanies.com.